Arrow boosts output with new Mateguafa well and stronger cash position

Arrow Exploration Corp ( (TSE:AXL) ) just unveiled an update.

Arrow Exploration Corp., a high-growth operator in Colombian hydrocarbon basins, reported successful drilling and early production from its Mateguafa 11 appraisal well on the Tapir Block in the Llanos Basin, which encountered multiple oil-bearing intervals and was brought onstream from the C7 formation at a restricted gross rate of about 784 barrels of oil per day. The company now produces around 5,475 barrels of oil equivalent per day across the Mateguafa pad, holds an estimated cash balance of US$13 million with no debt, is advancing additional drilling including the M-HZ12 and an exploration well from the new Icaco pad, and has secured termination of the COR-39 contract eliminating a US$12 million exploration commitment while pursuing a constructive Tapir block extension that could reinforce its growth trajectory in Colombia.

More about Arrow Exploration Corp

Arrow Exploration Corp. is a publicly traded oil and gas company focused on underexploited, high-potential light oil assets in Colombia’s Llanos, Middle Magdalena Valley and Putumayo basins. Operating mainly through its Carrao Energy unit, the company holds high working interests, benefits from Brent-linked pricing and low royalties, and is listed on London’s AIM and the TSX Venture Exchange under the ticker AXL.

For detailed information about AXL stock, go to TipRanks’ Stock Analysis page.